(RTTNews) – Media firm EW Scripps Co. (SSP) reported on Friday that its third-quarter net profit fell to $ 46.12 million, or $ 0.50 per share, from $ 58.52 million or $ 0.69 per share in the quarter of the previous year. Income from continuing operations attributable to shareholders of Scripps was $ 45.8 million or $ 0.49 per share.
Operating revenue for the quarter increased 12.6% to $ 555.24 million from $ 493.26 million in the same quarter last year, reflecting the impact of the ION acquisition.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $ 0.27 per share on revenue of $ 554.15 million for the quarter. Analysts’ estimates generally exclude special items.
The company’s total political income was $ 7.1 million, up from $ 96.4 million in the previous year’s quarter, which included a presidential run.
Looking ahead, EW Scripps has increased its free cash flow guide for the second time this year due to the successful integration of ION combined with local sales execution up to $ 255-265 million per compared to previous forecast of $ 240-260 million, driven by the strength of its local and national brands, sales execution and the rebound in the advertising market.
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